TVS Leads E2W Registrations in January as Ola Electric Declines

January saw a notable increase in electric two‑wheeler registrations across India, with TVS Motor retaining the top position and Ola Electric experiencing a further decline in monthly sales. 

TVS Leads E2W Registrations in January 

TVS Motor recorded 33,296 E2W registrations in January, a 32% rise from over 25,000 units in December, according to Vahan data.  

The company maintained its lead after selling almost 2.2 lakh E2W units throughout the previous year and reported a quarterly volume of more than 1 lakh units in Q3 FY26, representing a 40% year on year increase. 

Bajaj and Ather Show Strong Growth 

Bajaj posted 24,211 registrations, up 28% month on month, while Ather Energy delivered 20,786 registrations, a 21% rise from 17,204 units in December. Both manufacturers are regaining market share after earlier supply constraints linked to rare earth magnet shortages. 

Read More: TVS Motor Share Price Gains Over 3% on Q3 FY26 Earnings Results: Revenue Up by 37% YoY! 

Overall Market Trends 

Total E2W registrations climbed 19.1% to 1,16,707 units in January from 97,989 units in December. The sector’s annual growth was modest, with 12,80,000 units sold in 2025 compared with 11,44,000 units in the prior year. Hero Motocorp increased its January sales to 12,608 units, a 17% rise from 10,763 units in December.  

Ola Electric’s registrations fell to 7,221 units, down 20% from 9,027 units in December, marking a third consecutive month below the 10,000‑unit threshold. The company is addressing service issues through its “HyperService” programme, now covering over 80% of service requests, and has announced a 5% staff reduction following a previous layoff of 1,000 employees. 

Conclusion 

January’s data confirms TVS Motor’s continued leadership in the Indian E2W market, while Bajaj, Ather and Hero Motocorp also posted solid gains. Ola Electric’s declining registrations highlight ongoing challenges for the fifth‑largest player in the segment. 

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